Copper futures are holding just under $4.00 a pound this
morning, picking up support from new analyst reports predicting the
industrial metal is poised to hit new highs as demand exceeds
future supplies by a wide margin.
Gold and silver also are higher while crude oil is down
Copper stockpiles reportedly may soon drop to an all-time low,
putting upward pressure on prices, according to Michael Widmer of
Bank of America Merrill Lynch in a new analyst report this morning.
Demand for the industrial metal, meanwhile, is expected to outpace
supply by 367,500 metric tons in 2011, analysts surveyed by
Bloomberg News said, with the news service also finding that global
exchange inventories have dropped 22 percent this year, the largest
decline since 2004.
In company news, Capstone Mining Corp (CS.TO) restarted
operations at its Cozamin mine in Mexico on Friday after a two-week
shutdown due to a fatal accident, with the Canadian copper producer
saying it was again cutting its 2010 production forecast because of
Crude oil for January delivery at present is edging lower again
at 89.09 a barrel after earlier rebounding from a slide from just
under $90 to $88.56 a barrel overnight. Also, Massey Energy (
) CEO Don Blankenship plans to retire at the end of the month, the
coal miner reported late Friday.
At last look, precious metals were higher, with February Gold
climbing $9.10 to 1413.30 an ounce while silver was holding at
$29.75 an ounce, up $0.48.